Compensation: The financial returns and benefits received by the employee for their mental & physical efforts or contribution towards the organization, resulting into tangible goods & services.
Compensation is mainly categorized into two types:
1.) Base Compensation - The compensation received by the employee towards their contribution.
Base compensation is categorized into:
a) Direct Compensation - Direct compensation has been categorized further into two types: Financial Compensation & Non-Financial Compensation
b) Indirect Compensation
2.) Supplementary Compensation - The compensation received by the employee beyond their contribution.
Compensation is mainly categorized into two types:
1.) Base Compensation - The compensation received by the employee towards their contribution.
Base compensation is categorized into:
a) Direct Compensation - Direct compensation has been categorized further into two types: Financial Compensation & Non-Financial Compensation
b) Indirect Compensation
2.) Supplementary Compensation - The compensation received by the employee beyond their contribution.